National Statistics For 2Q06 Out Today

August 15, 2006 |

Realtor_org_logo_1  The National Association of Realtors released its national sales statistics for the second quarter of 2006 today.  You can read an Associated Press article about the release here.

No surprises, really.  Existing-home sales declined 7% compared to last year.  I think this is something that just about everyone expected; If not in terms of the number, at least in terms of a decline.  The thing I found funny about the report was the following quote from David Lereah, NAR’s chief economist:

“When you look at states with high housing costs or that have experienced a prolonged period of rapid price gains, you typically see slower home sales,” he said. “By contrast, states with moderately priced areas that have experienced healthy job creation are seeing sales gains – the economic backdrop remains favorable for the housing market, which is helping home sales to level out.”

This quote falls under an analytical category I call "Water is Wet."  Thank goodness that economists are around to tell us that high-cost areas sell slowly, and affordable areas with expanding economies sell better.  I’m pretty sure that was covered in Market Forces 101.  I guess they needed some type of quote to make the article more interesting.   

As far as the local market goes, if you have been reading the blog, then you know how the Charlottesville area did in 2Q06. 

Posted by Daniel | Filed Under Affordability, Buying, Market Statistics, News, Selling 

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